SFS REIT records 70% income growth, announces N14.50 per share dividend

SFS Real Estate Investment Trust (SFS REIT) has reported a remarkable 70% growth in net income for the 2023 financial year and is proposing an unprecedented dividend of N14.50 per share.

In a statement made during the fund’s annual general meeting in Lagos, Mr. Patrick Ilodianya, Managing Director and Chief Executive Officer of SFS Capital Limited, noted that this underscores SFS REIT’s outstanding performance and commitment to rewarding its shareholders.

“From 2022 to 2023, SFS REIT saw a significant 70% increase in net income. Alongside this, we observed a 71.60% rise in dividend payouts,” Ilodianya said.

The CEO further announced that the proposed N14.50 per share dividend is the highest in the fund’s 17-year history.

“For investors who bought SFS REIT shares at N77 on January 1, 2023, the current share price of N101.35 represents a capital gain of 31.62%. Coupled with the dividend payout, this amounts to an 18.83% return on the initial share price, resulting in a total annual return of over 50%,” he stated.

According to him, this record-breaking dividend is a testament to its robust performance, while the company anticipate continuing this upward trend, delivering even higher dividends in the future.

SFS REIT has consistently maintained an “A” credit rating from an SEC-approved rating agency for over a decade and aims to achieve an “AA” rating in future evaluations, further showcasing the fund’s enhanced performance and stability.

It invests in premium residential estates along the growing Lekki corridor, including Milverton Court Estate, Victoria Crest Estate, Sapphire Gardens Estate, and Cromwell Court Estate.

Ilodianya reaffirmed the enduring value of real estate investments as one of the most reliable investment avenues, adding that “it offers stable returns, adapts to inflation, and appreciates consistently under expert management.”